St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-11-20

IL is the general llilpTtSSlOh VI AtdlCIo
in real estate that the market during
the past week was much more salts
factory than during the preceding week.
The money market has been more easy,
and though the banks are still very care
full and conservative they certainly are
somewhat more liberal. A more gen
eral inquiry for real estate is also OBJ
serVable. much of which was for bust
ness property and resident lots. Many
of the dealers express the idea that per-
hapS il was the best thing that could
happen to this community that the
banks cut off loans with which to buy
real estate when they did. 1t is argued
that by so doing they checked the dis
position that had begun TO exhibit itself
to speculate. and brought up people
that had started TO plunge into specula-
tive deals with sharp turn that set
them to thinking, and cooled them off
so that they had an opportunity to stop
and consider matters, TO take breath
and make arrangements TO clean up
second payments before assuming new
and additional obligations.
These. and other considerations SINH
lar to these. are referred TO by dealers
by way of philosophy to soften down
what has been quite sore point with
them for some months, viz: the refusal
of the banks to make loans for real eS
tate purchases. While this course Oh
the part of the banking institutions
had the effect of curtailing the amount
of property sold, it is admitted that it
had direct tendency to make business
safe and to add largely to the public Sc
curity. Had it not been for this course
of the banks, there is no doubt that buy
erS would have loaded themselves with
obligations of very serious character,
and such as itmight have been impoSsi-
BILE for them to discharge, had there
afterwards been any check to general
business.
1t is the universal testimony of deal
ers that there has never been a time
when deferred payments were SO
promptly met as they have been this
fall. In some instances those who have
mortgaged back to secure the unpaid
amounts have been compelled to ask for
time, but such instances are not COM
mon. The prOmptitude with which all
such obligations have been met has been
noticeable. These remarks apply to
large and small obligations alike. Of
course every one sees the benefit that
this state of affairs will be to the whole
community in the future. When the
financial condition of the country is
wholly restored, SO that there comes a
time to again invest in real property,
people here will find themselves in
position to invest more freely and with
more confidence.
There is another consideration, in
this connection. that should not be lost
sight of. Notwithstanding the fact of
the cry of hard times and the shutting
down by the banks, and the consequent
cutting down in the number of real eS-
tate sales, the price of realty has not
been affected. Holders have all along
stood at the prices of last summer. and
no general effort has been made to sell
out. In special eases, some persons
have been compelled to sell in order TO
meet their obligations, but these in
stances have been very few. In many
other cities, where realty dropped in
price, the property was offered at whole
sale quantities for less than was paid
for it. and tie market went all to pieces.
In this city it is different. Prices are
as firm now as they were six months
ago. The reason of this is that the
prices of all kinds of real property in
St. Paul are low. They always have
been low, and that is one substantial
not go down with run.
To az person who has taken the trouble
tOwatch the real estate market during
the past few years. and the gradual and
steady increase of business, together
with the continual building up of the
city, there can be no doubt but that the
values placed on real estate in st. Paul
are very low, compared to those in
other cities.
There is, however. ole view of the
real estate market here that fills the
minds of all citizens with diSmay, and
that is the disastrous effect it may have
upon the matrimonial market. which
shows that in spite of all the tine-spun
theories of philosophers. there is very
close connection between love and dirt.
1t is fact that cannot be concealed
that last spring and early in the sum-
mer large number of young men who
saw delightful visions of matrimOny at
this season of the year when ducks and
geese seek a warmer southern cline.
and when all the residents in this
region are buying furnaces and
getting in a good quantity
of hard coal, dipped into real estate
quite as heavily as their purses would
permit, and put up margins with a
1onSlHS llidt luS hlSiOIS vi yOutn anu
love would be realized in the full frui-
ton of married life this fall. In some
instances, the margins that have been
thus put up will have to be given up
and lost to the young men. This is the
saddeSt phase of the real estate market
that has been thus far developed this
season. 1t is understood that some of
these young gentlemen are considering
the matter of bringing a suit against
the banks for damages, claiming that
the course of the banks in shutting off
discounts was against public policy, i'll
sOmuch as it prevented matrimOny,
which is one of the great props of so
ciety.
What Is Going On?